Bitcoin

Bitcoin price has been trading inside a narrow ascending channel on its 1-hour chart, following a quick pullback to a previously broken resistance area. Recall that bitcoin broke above a longer-term symmetrical triangle pattern, indicating that bulls are gaining traction. However, bullish pressure hasn’t been that strong, as bitcoin is torn between dollar strength and improving risk sentiment. Bitcoin price is gradually trading higher inside an ascending channel and might be due to test the resistance near $445. Will the Channel Hold? Technical indicators suggest that bitcoin price might bounce off the top of the range, as RSI is starting to turn down from the overbought zone. Stochastic still seems to be on the move up but has just landed in overbought territory, indicating that buying pressure might fade soon. In addition, the 100 SMA is below the 200 SMA, suggesting tha...